ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On
The Buyers purchased the Parkway Property as tenants in common. The Company acquired a tenant in common interest of 82% and PMI Parkway acquired a tenant in common interest of 18% in the Parkway Property. In connection with the acquisition, the Buyers entered into a Tenant in Common Agreement (the "TIC Agreement") which governs their co-ownership of the Parkway Property. Among other approvals, under the TIC Agreement, the consent of both tenants in common is required to approve (i) any lease, sublease, deed restriction, or grant of easement of/on all or any portion of the Parkway Property, (ii) any sale or exchange of the Parkway Property, or (iii) any indebtedness or loan, and any negotiation or refinancing thereof, secured by a lien on the Parkway Property. In the event the tenants in common are unable to agree on a decision which requires the consent of both tenants in common, a tenant in common may purchase the undivided interest of the other tenant in common subject to certain rights contained in the TIC Agreement.
On
The foregoing descriptions of the TIC Agreement and Note are qualified in their entirety by reference to the TIC Agreement and Note, copies of which is filed as Exhibit 10.1 and 10.2 to this Current Report on Form 8-K and is incorporated by reference in this Item 1.01.
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.
The information related to the acquisition of the Parkway Center in Item 1.01 above is hereby incorporated by referenced into this Item 2.01.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
The information related to the Parkway Loan in Item 1.01 above is hereby incorporated by referenced into this Item 2.03.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Property Acquired
To the extent required by this item, historical financial statements for the
Parkway Center will be filed in an amendment to this current report on Form 8-K
on or before
(b) Unaudited Pro Forma Financial Information
To the extent required by this item, pro forma financial information relating to
the acquisition of the Parkway Center will be filed in an amendment to this
current report on Form 8-K on or before
(d) Exhibits Exhibit No. Description 10.1 TIC Agreement, dated as ofNovember 1, 2021 . 10.2 Note, made as ofNovember 1, 2021 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)
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